It’s best to start as early as possible, ideally at the beginning of the year. This is to ensure you have all necessary documents and avoid last-minute stress. There are different phases of preparation based on the complexity of your tax situation. We generally recommend Initial Organization & Information Gathering (Nov - Dec of the prior year), Receipt of Tax forms (Late January), Active preparation and filing (February - Early March) and If needed, filing an extension by April 15th

To ensure an accurate and smooth tax filing process, you will generally need to gather documents that fall into three main categories: personal information, income statements, and deduction/credit documentation. Book a consultation with our tax and bookeeping expert for more information.

Yes, you can generally deduct ordinary and necessary business expenses on your taxes. The Internal Revenue Service (IRS) allows taxpayers to deduct costs incurred while running a trade or business. Commonly deducted business expenses include rent, advertising and promotion, supplies, legal and accounting fees, business insurance etc. Accurate and detailed records are essential to substantiate any business expense deduction in case of an IRS audit. You should keep receipts, invoices, canceled checks, and other documentation for all claimed expenses.

Maximizing your tax deductions is a key strategy for reducing your taxable income and lowering your overall tax liability. This requires careful planning, meticulous record-keeping, and an understanding of the current tax laws. Schedule a free consultation with out tax expert to discuss tax credits that you may be eligible for, such as  the Child Tax Credit, Earned Income Tax Credit (EITC), Education credits (e.g., American Opportunity Tax Credit, Lifetime Learning Credit). These credits directly reduce the tax owed, making them more valuable than deductions.

Missing the deadline for filing your tax return or paying the taxes you owe can result in penalties and interest charges from the Internal Revenue Service (IRS). The specific consequences depend on whether you are missing the filing deadline, the payment deadline, or both.

If you realize you have missed the deadline, reach out to our tax expert to support you in taking immediate action to minimize penalties and interest.